MANAMA, BAHRAIN - July 21, 2008 - Addax Bank, hosted a course on Islamic Finance that was attended by 18 employees from the bank's different departments The course was held as part of the bank's focused efforts to accelerate its employees' development by providing them with learning opportunities that hone their skills and equip them with the knowledge needed to build exceptional careers in the banking and finance industry.  

The 'Fundamentals of Islamic Finance' course was held over six days at the bank's headquarters in the Seef District and was designed to give participants an overview of the concepts of Islamic Finance.

Conducted by leading Islamic Finance expert, Naser Al Ziyadat, Director of Strategic Planning, General Council for Islamic Banks and Financial Institutions, Bahrain, the course engaged participants in group discussions and provided them with the opportunity to apply the skills they acquired during the course through the examination of case studies.

The in- depth course gave participants an insight into the developments in the Islamic Financial Services Industry (IFSI); the basic concepts and terminology of Islamic finance; the Sharia system within an institution; the Sharia rulings behind major Islamic financial contracts and  the application of Sharia financial contracts in various financial products. In addition participants were given a broad understanding of the general Islamic financial structures of major capital market products such as Sukuk and investment funds.

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About Addax Bank
Addax Bank has an authorized capital of US$100 million and is regulated by the Central Bank of Bahrain (CBB). The Bank was formed in 2003 and has been involved in a number of high profile deals in the region.

Addax Bank's landmark deals include: participation with Dubai International Capital and other lead investors in creating JD Capital, a US$300 million (approximately) company targeting investment opportunities in Jordan. Addax Bank was also responsible for the structuring and placement of the US$ 150 million deal to finance 20 Express by Holiday Inn hotels across five countries in the GCC.

Additionally, Addax Bank has launched a US$1 billion investment fund, the MENA Serviced Residence Fund, in collaboration with The Ascott Group of Singapore, to acquire and manage a chain of serviced residences throughout the Middle East and North Africa. The first phase of capital fund raising towards the US$ 1 billion MENA Serviced Residence Fund was successfully completed earlier this year; the private placement was well received by investors and was oversubscribed by 150% within record time.

In September 2006 Addax Bank formed its first subsidiary, Addax Media BSC. Addax Media, wholly owned by Addax Bank is a holding company that focuses on acquiring innovative, high-quality media productions ranging from full length movies to television serials. Addax Media's first production "Khalid Bin Waleed" was aired on MBC and Dubai Television.

In late 2006, Addax Bank, launched First Education Holdings (FEH), a holding company based in the Kingdom of Bahrain, established in partnership with a team of education and private equity professionals to invest and manage education and education related businesses across the GCC, Middle East and North Africa.

In partnership with the Ascott Group, Addax Bank established Nuzul Holdings in Bahrain. With an authorized capital of US$500 million and a paid up capital of US$100 million, the company plans to launch 15 additional projects by 2010 and acquire 50 more properties over the next 10 years.

Addax Bank is also the anchor investor in the Saraya Real Estate MENA Fund, launched by Saraya Holdings Limited and Arab Bank Group, the fund is a US$250 million close-end Bahraini fund which was considered as one of the largest funds in the Arab Capital markets in 2006. The funds projects include: Saraya Islands in Ras Al Khaimah, Saraya Dead Sea in Jordan, and Saraya Bandar Jissah in Oman.

Along with a group of regional investors, Addax Bank set up Tatweer Infrastructure Company. A US$130 million Qatar based company specializing in Build-Operator-Transfer (BOT) and Private-Public-Partnership - the only company of its kind in Qatar.

In 2007, Addax Bank structured and placed a AED 1 billion transaction to establish Siraj Finance in Abu Dhabi. The company offers a comprehensive range of Sharia-compliant products and services including Islamic consumer and mortgage finance, investments and asset management.

In corporation with leading merchant families in the UAE, Addax Bank was the lead investor in establishing Al Bashayer, a wealth management company in Abu Dhabi, whose primary focus is to provide specialized services for high net worth female clients.

Also in 2007, the Bank successfully closed a SR 200 million private placement, to fund the establishment of Addax Capital in Saudi Arabia. Capitalizing on the potential for investment banking in Saudi Arabia, the company will focus on brokerage, asset management and advisory services. The establishment of Addax Capital underlines Addax Bank's strategy to expand into major regional markets.

Addax is fast gaining a reputation for launching innovative and unique deals in the Middle East region.

For further information, please contact
Mona Akhtarzada:
Tel: +973 17 560 470
Fax: +973 17 560 445
Email: mona@addaxbank.com

© Press Release 2008